Members and Friends of AILA:
Yesterday, in Montgomery, the Association held its most successful Legislative Day Meeting to date. Thank you to the many members who attended.
The afternoon meeting started at 3:00 with a report from Alabama Banking Department Supervisor Scott Corscadden. The Supervisor first reviewed some staffing changes at the Department, and then reported on the number of licensed entity locations supervised by the Department. There are currently 13,343 total licensees, of which 3,250 are either Small Loan Act or Mini-Code licensees. Corscadden reported that the Department expects to conduct over 3,000 examinations in 2019. There was a general discussion of multi-state license registration and examination.
Mr. Corscadden addressed the Department’s continuing review of cyber security, credit reporting and debt repair, consolidation and collection issues. He also discussed the amorphous “Fintech” and “Pay Advance” developments in connection with the delivery of loan products and wages to consumers. He also reported to our group that the SLA and M/C licensees continue to handle complaints in an exemplary fashion. Scott took questions. His presentation provided good insight into how the Department views its role in consumer protection.
At 4:00, Members of the Alabama Legislature and staff began arriving for the Legislative Reception. We have never had a larger turn-out of Senators and Representatives, including attendance of Speaker Pro Tem Marsh and Lieutenant Governor Ainsworth. Since we are so early in the Regular Session, our Representatives used our reception as a great opportunity to socialize with us and with their colleagues. We had the chance to review our industry with many of the “newer” Representatives who may not be as knowledgeable about traditional installment lending.
All in all, yesterday was a great day for the Alabama Installment Lenders Association. I thank the leadership of the Association and our Government Affairs Team who spent all day and prior days at the State House talking-up our Legislative Reception, which resulted in such an outstanding attendance. Although these receptions are expensive to hold, they are invaluable in establishing and cementing strong relationships with our Representatives.